Gas prices reach another record high in Metro Vancouver

Gas prices reached 182.9 cents per litre in Vancouver on Feb. 16, 2022.

Gas prices have once again reached a new record high in Metro Vancouver and costs could soar even more before the end of the month, according to an analyst.

On Wednesday, prices reached 182.9 cents per litre for regular at some stations in Vancouver, breaking a record of 180.9 set just this past weekend.

Gas analyst Dan McTeague told CTV News earlier this week prices could climb even higher by the end of the month. With tensions between Russia and Ukraine, he predicted regular gas could spike to $2 per litre.

McTeague said the price jump is also due to the increasing cost of oil. At the beginning of the year it was priced at $74 per barrel, but it climbed to $93.50 on Friday.

"Much of this is due to the fact that there is a supply crunch," he said. "Demand is surging post-pandemic. And there appears to be very little in the way of supply."

McTeague said consumers can expect these high costs to impact other goods, like at the grocery store.

"While supply issues are a global issue, Canada has to really match up and get back into the business of doing what's done in the past," McTeague said.

"Produce more oil and gas and release some of the burdens, at least for now, until we can get our economy up and the ship righted after this very long pandemic."